LIC Share Price: Government insurance company LIC has reduced its stake in Mahanagar Gas Limited. The insurance company has reduced its stake from 9.03 percent to 6.94 percent.
Mahanagar Gas Share Price: Government insurance company Life Insurance Corporation of India (LIC) has reduced its stake in Mahanagar Gas (MGL). LIC has sold these shares at the rate of Rs 1521.31 per share. Due to which the company has received Rs 314 crore. Let us tell you, LIC’s stake in Mahanagar Gas Limited has decreased from 9.03 percent to 6.94 percent. LIC has sold a total of 68.54 lakh shares.
On Friday, the shares of Mahanagar Gas Limited closed at Rs 1946.45 with a decline of about 1 percent. Earlier, the company’s shares were successful in reaching an intra-day high of Rs 1972.50.
The share prices of Mahanagar Gas Limited have seen a rise of 90 percent in the last one year. While this year so far this stock has given a return of 61 percent. While during this period, Nifty 50 has seen a rise of 20 percent.
How is the financial condition of Mahagar Gas Limited?
The total revenue of the company during the June quarter was Rs 1701.40 crore. A year ago the company’s revenue was Rs 1887.10 crore. The company’s revenue has seen a decline of 10 percent on an annual basis. However, the company’s revenue has increased as compared to the March quarter.
During April to June 2024, the profit of Mahanagar Gas Limited was Rs 288.80 crore. On an annual basis, the company’s profit has seen a decline of 22 percent. Let us tell you, in the June quarter of the last financial year, the total profit of the company was Rs 368.40 crore. At the same time, during January to March 2024, Mahanagar Gas Limited made a profit of Rs 252.30 crore.
